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Citigroup To Cut 11000 Jobs Globally

PUBLISHED BY: SURENDER KUMAR
DECEMBER 05, 2012

   
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Citigroup will eliminate 11,000 jobs worldwide, about 4 % its total staff, to save $1.1 billion a year, the company has announced.

 

 

The move will initially result in a pre-tax charge of $1 billion to fourth quarter earnings. It is the first major action to restructure the company since its directors named Michael Corbat CEO in October after  former CEO Vikram Pandit's forcible resignation.

 

 

 

 




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